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stc Group Q1 net profit up 11.05%

The Group reported a revenue of $5.12 billion.

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

DEWA okays $843m in H2 2024 dividend

DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.

Musk’s AI startup to raise $1bn

He hopes it will compete with ChatGPT's Open AI.
  • An official filing to US Securities and Exchange Commission said xAI artificial intelligence company had already gathered $134.7 million and plans to raise $1 billion overall
  • The filing added that there was a firm agreement to raise the full funds needed to meet the target, indicating that Musk may have deals in place for the full billion

Tawzea, NWC ink pacts

The companies have signed two agreements.
  • Tawzea is a 50:50 joint venture between Saudi Arabian Amiantit Co and Sustained Infrastructure Holding Co.
  • Under the first contract, Tawzea will operate and maintain the water network in Makkah and its governorates.

Mubadala invests in Zenobē

The investment is aimed at powering 4,000 electric vehicles.
  • The collective investment aims to power 4,000 electric buses, trucks, and commercial vehicles, contributing to the global transition to cleaner transportation by 2026.
  • London-based Zenobē, established in 2017, specializes in electric vehicle (EV) fleet solutions and large-scale battery storage.

Turkish Airlines, Riyadh Air ink MoU

The pact will benefit customers of both the airlines.
  • The establishment of Riyadh Air is in line with PIF’s mandate to unlock the capabilities of key sectors locally to drive the diversification of Saudi Arabia’s economy.
  • The airline will support the Saudi Aviation Strategy's broader vision, and enable the National Tourism Strategy, unlocking Saudi Arabia's cultural and natural attractions.

Spotify cuts 17% jobs

Spotify has invested over $1 billion into podcasts alone.
  • Spotify in October posted a rare quarterly operating profit of 32 million euros ($34.60m), compared to a loss of 228 million ($246.54m) for the same period a year earlier
  • Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts

HPDC, HDC ink agreement

The aim is to stimulate the growth of the halal industry.
  • The two companies will exchange information on industry-leading practices and successful models of halal ecosystems.
  • The agreement will broaden the scope of collaboration by facilitating engagement with halal exporters and investors.

Masdar, Taaleri acquire 8 energy projects

The hybrid renewable energy projects in Poland have 1Gw capacity.
  • Masdar and Taaleria have purchased the projects from Domrel Biuro Usług Inwestycyjnych, a prominent player in Poland's renewable energy sector.
  • These projects incorporate solar photovoltaic (PV) and onshore wind technologies and are projected to power approximately 223,000 households.

ENEC, Kazatomprom ink pact

The move will ensure a secure supply of nuclear fuel.
  • ENEC's global partnerships will support the continued rapid decarbonisation of the country's heavy and energy-intensive industries.
  • This will create further clean energy sources while using the latest technologies and helping to deliver Net Zero by 2050.

Alaska Airlines to buy Hawaiian Airlines

Based in Seattle, Alaska Airlines serves the western US.
  • Both brands will continue to exist under the terms of the agreement, which could take up to 18 months to finalize
  • The combined airlines would have a fleet of 365 narrow and widebody aircraft and reach 138 destinations

Presight AI, Samruk-Kazyna launch JV

The partnership aims to accelerate digital transformation in Kazakhstan.
  • Revealed at COP28, the venture aims to deploy advanced AI and big data solutions.
  • Energy, public services, and transport in Kazakhstan to benefit from big data analytics.

DEWA okays $843m in H2 2024 dividend

DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.

Latest News

JetBlue, Spirit Airlines cancel merger

Earlier, a federal judge ruled it violated US antitrust law.

EDGE Group, Indra form JV

It will make next-generation radar systems in UAE.

Salik revenue soars to US$574m

Toll usage revenue rose 11.7% YoY to US$502million.

Most Read

ADIB 2023 net profit $1.4bn

The bank achieved a Return on Equity of 27.1 percent.
  • ADIB achieved record-breaking performance in 2023, with significant growth across all its businesses.
  • Enhancing its digital presence, the bank saw a rise in actively digital customers through improvements to its mobile app.

QFC signs two MoUs

MoUs with BFB, Partior were inked during Web Summit 2024.
  • The MoU with Bahrain FinTech Bay establishes comprehensive frameworks for cooperation in joint research projects.
  • Under the MoU, each entity shall provide support, assistance and resources to start-ups from the QFC and BFB.

Chevron $53bn Hess deal in danger

Rivals' challenge to the control of a key oil asset can derail the acquisition.
  • The issue concerns Hess's 30 percent stake in the Stabroek Block offshore Guyana, a mammoth oilfield that was a driver of the takeover.
  • Stabroek is operated by US giant ExxonMobil, which has a 45 percent stake. Chinese company Cnooc holds the remaining 25 percent of the project.